If one particular financial institution enjoys the benefits of technology at present, it is no other than banks. As a consumer, you do not need to go to banks anymore as they have websites or applications where one can transact. Bank transactions became stress-free and more accessible through online platforms, especially for individuals with a hectic schedule.
However, the convenience comes with risk as fraud and cybersecurity threats are on the rise, encouraging banks to employ security measures to authenticate one’s identity, such as passwords.
Yet, it offers another disadvantage on the part of their customers. Memorizing passwords is tricky. Aside from that, people detest password resetting for its complexity. Such inconvenience opens the door for password-less authentication. But first, what exactly it is? What are the benefits banks can get from integrating this security method? Find out by reading this article.
#1: Hassle-free, user-friendly
On average, a user had 70-80 passwords that they need to memorize and type in whenever going in a transaction, as reported by NordPass. Thinking of the best possible character combination for passwords is a hassle, yet you still need to secure your account.
The advent of a password-less scheme provides an alternative far more convenient than its predecessors. One may opt for online identity verification to get a one-time password or PIN (OTP)after inputting their user ID or phone number. Banks also use password authentication mobile apps with biometric identity verification.
#2: Protection against brute force attacks
A brute force attack is a trial-and-error method used to guess a website’s password. Hackers can track the matching password and username combinations by applying malicious script, which inputs random passwords, to a site’s login field until breaching security.
Password-less authentication prevents this from happening. Its limited login attempt option freezes a user ID or IP address if it fails to login for three to five tries, for example.
#3: Reduce cost
As you do not need to allot budget for password storage, management, and resets, opting for password-less authentication solutions saves cost in the long run. Your IT department will not need to set password policies. The IT staff also gets more time ensuring compliance with password storage laws and regulations and focus on other relevant matters than regularly detecting and preventing password leaks.
If you want to know more about password-less authentication, visit Login ID’s website.
